Elliott Wave analysis: Litecoin is looking for final 5th wave

Gregor Horvat Wavetraders

Hello Crypto traders, today we will talk about Litecoin in which we see pretty nice and clean development. It can be actually nearing strong support zone as final five-wave cycle within 5th wave can be in play.

From Elliott Wave perspective, wave (5) should be completed by a five-wave cycle of the lower degree, but looking at the 4-hour chart, it looks to be unfinished. Well, currently we are tracking a correction in wave 4 of (5) that can retest 73-83 resistance area before we will see that final push into a wave 5 of (5) towards strong 50-40-30 support area.

That being said, watch out for that final decline, maybe even a spike down and then we can expect the bottom and bullish reversal.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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